For the week ended Friday, February 12, the spot price index for a pound of cannabis fell 8.4% from $2,050 in the prior week to $1,878. The simple (non-volume-weighted) average price for a gram rose by a penny from $4.70 to $4.71.

The futures price for March remained flat at $2,090 on the near-month contract. For the month of April, the forward price also remained flat at $2,100 a pound. The six-month forward price for August rose by $100 to $2,250.

About two-thirds of the past week’s transactions occurred in a range of $1,595 to $2,682 per pound, according to the analysts at Cannabis Benchmarks. The analysts also commented on the forward price curve:

[R]eports from the field suggest that the current premium [to the spot price], particularly over the next two to three months, is less about expectations for increasing prices and more about security of specific supplies. While anecdotal, the reduction in forward volume appears to be driven by an increased focus on the volatility and uncertainty of the current spot market. In other words, those buyers active in this week’s forward market are not driven by the desire to hedge their bets, but rather to ensure a steady supply of particular strains and quality for their retail operations.

Our price check at MJCharts.com indicates prices range from $21 a gram to a low of $5 in the all-cities index. The all-cities index price is $10.45 per gram, up two cents from last week. The overall average price for a gram of marijuana (all strains) in Colorado is currently $11.37, ranging from a high of $12 a gram to a low of $8. In California the price is $14.42 per gram, ranging from $17 down to $6 per gram. In Michigan the average is $16.03 per gram in a range of $20 to $10, while in Oregon the average is $10.26 per gram in a range of $21 to $5, and in Washington the average is $10.88 per gram, ranging from a high of $15 to a low of $6.

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